INSIGHTS / News

The first ICURe Alumni webinar marked more than the launch of a new initiative. It reflected something participants had been asking for: a way to stay connected after completing the programme and to continue accessing practical support as ventures evolve.

Developed as a pilot in response to alumni feedback, the network has been designed to create continuity beyond individual cohorts. Bringing together participants from across Discover, Explore and Exploit, the launch event introduced a broader ambition – to build a community that supports founders as they move from validation into growth, investment and commercial delivery.

The inaugural session focused on one of the most important transitions research-led ventures face: moving from early innovation towards investment readiness and sustainable growth.

From programme to community – what will the network look like?

One of the strongest themes running through the launch was that support should not end once a programme concludes. The SETsquared ICURe alumni network has been designed to create an ongoing relationship with founders and entrepreneurial teams as their ventures develop.

That includes sharing opportunities through a regular alumni newsletter and alternating‑month webinars, helping alumni navigate funding and investment routes such as Innovate UK programmes and angel networks, and creating mechanisms for participants to contribute back into future cohorts through mentoring and speaker opportunities.

The intention is also practical. Alumni were encouraged to continue sharing updates with the programme team so support can remain relevant as projects change direction, enter new markets or evolve into different sectors – particularly across Innovate UK’s priority areas of advanced manufacturing, creative industries, clean energies, defense, digital technologies and life sciences.

Looking ahead, the programme will combine these regular communications with opportunities to connect through themed webinars and sector‑specific updates aligned with Innovate UK’s focus.

Understanding the investment landscape

The first keynote came from Kirsty French of Innovate UK Business Connect’s investment team. Kirsty and her team work across key sectors such as health, agriculture, digital technologies and net zero/advanced manufacturing, and with a broad pool of over 200 investor partners, including angels, VCs, corporate VCs, and regional and foreign investors.

Kirsty’s session focused on helping research‑led businesses understand where investment support exists and how to engage with it more effectively.

Increasing private investment into UK innovation sits the centre of the investment team’s work, aiming to improve connections between founders and investors. In practice, that means introducing investors to emerging technologies and ICURe teams, strengthening relationships across the UKRI “family” and wider ecosystem, and helping businesses access conversations that would otherwise be difficult to start.

Rather than positioning investment as a single event, the discussion framed it as a process of building visibility, relationships and readiness. One example highlighted was Investor Office Hours: short, structured online sessions where founders can speak directly with investors, get feedback on their proposition and better understand how it is viewed externally. These are designed as conversations rather than pitches, and recent office hours have focused on deep tech and health teams from ICURe.

Alongside office hours, Innovate UK Business Connect continues to support investor showcases, roundtables and networking activity, creating touchpoints between companies and investors across different sectors and regions.

Kirsty also explored some of the funding mechanisms available to growing ventures. She highlighted the Investor Partnerships Programme, which combines grant funding with equity investment, primarily for ventures moving through seed to Series A-stages and typically led by one of Innovate UK’s investor partners. This structure encourages closer alignment between public and private capital. Innovation loans were also discussed as part of the wider landscape – framed as pre‑commercial debt finance for late‑stage R&D, offering another route for businesses that are further along in their development.

Across each example, a consistent message emerged: the earlier teams understand their funding options and investor landscape, the stronger their foundations for growth.

What do investors look for beyond the pitch?

Chris Reese, Co‑Managing Director of Henley Business Angels, shifted attention towards how investors evaluate opportunities. Drawing on experience in angel investment and university commercialisation, he focused less on fundraising mechanics and more on the conditions that make ventures investable.

A central theme was that investment extends beyond capital. Angel investors often bring experience, commercial perspective, networks and mentorship alongside their funds. For research‑led founders entering unfamiliar commercial territory, that additional support can be as valuable as the funding itself. Chris also described how investment communities work collaboratively, with syndication allowing investors to back opportunities together and combine complementary expertise.

Chris also reflected on commercialising research, and how it can often contrast the neat, staged view of the journey from discovery to market. The reality is that progress is rarely linear. Market conditions change, teams evolve and assumptions are tested repeatedly. Within that context, he highlighted the factors investors consistently look for. Team quality remains paramount, with attention paid not only to individual capability but also to how well teams work together.

This sits alongside a clearly defined problem, evidence of real market demand and credible pathways to scale. Chris outlined some key themes.

Market validation was a central theme – interest alone does not create a business case, and investor confidence rises when founders can demonstrate genuine customer value.

Intellectual property was also framed as a strategic question rather than a numbers game. Strong IP strategy means making deliberate choices about protection, market entry and competitive positioning, not simply accumulating patents.

Commercial capability emerged as another critical element for research‑intensive ventures. Scientific depth is a major strength, but teams that combine technical excellence with commercial understanding are often better placed to secure investment and grow sustainably.

Investors are ultimately looking for more than a polished set of figures. For research‑led founders, that means pairing strong science with clear validation, a deliberate IP strategy and growing commercial capability. When those elements come together, the venture becomes as compelling as the underlying technology.

Some key takeaways

The SETsquared ICURe Alumni Network launch generated thoughtful contributions from our speakers and alumni community, reflecting a shared desire to make funding and investment routes work better for research‑led ventures. Founders were candid about the realities of lining up investors, navigating Innovate UK mechanisms and understanding what angel groups look for. Drawing on those reflections, three practical lessons stood out.

Plan around funding call timing, not just eligibility

Being a good fit for a scheme is only useful if investor discussions are already underway when the call opens. Teams are better placed when they track calls early, start investor conversations well in advance and treat funding windows as a way to formalise momentum that already exists.

In practice, this means aligning your fundraising timeline to expected call dates, rather than trying to compress investor outreach into a short application period.

Treat Investor partnerships as a joint exercise

Investor partnership programmes work best when founders, investors and Innovate UK are aligned from the start. Instead of viewing them as a grant you add to a round at the last minute, it is more effective to identify potential investor partners early, explore whether they could realistically lead or anchor your round and shape the deal together.

This approach turns the scheme into a structured route to market where public and private capital are deliberately combined, not hurriedly stitched together.

Approach angels with realistic expectations 

Angel investors can be a crucial part of early funding, but they rarely solve everything on their own. Founders should expect relatively modest individual cheques, usually syndicated across several angels, and recognise that many groups prefer to follow a clear lead investor.

The implication is that you need a coherent plan for who will lead the round, how angels will fit alongside them and how you will demonstrate the fundamentals angels care about most: a capable team, real market validation and a credible plan to protect and realise the value you are creating.

Looking ahead

The launch established a clear direction for the programme ahead.

Commercialisation does not end at programme completion, and investment readiness is rarely built in isolation. By creating a structure that keeps alumni connected to expertise, opportunities and one another, the SETsquared ICURe Alumni Network aims to support ventures through the next stage of their journey.